Analysis of Debt

Express Scripts Holding Co., balance sheet: debt

US$ in thousands

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Short-term debt and current maturities of long-term debt	1,032,900)	722,300)	1,646,400)	2,555,300)	1,584,000)
Long-term debt, excluding current maturities	14,981,500)	14,846,000)	13,946,300)	11,012,700)	12,363,000)
Total debt (carrying amount)	16,014,400)	15,568,300)	15,592,700)	13,568,000)	13,947,000)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Express Scripts Holding Co. total debt decreased from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Commercial paper program	194,800)
Senior notes	14,215,700)
Term loan	2,145,500)
Term facility	—)
Other	—)
Total debt (fair value)	16,361,200)
Financial Ratio
Debt, fair value to carrying amount ratio	1.02

Weighted-average interest rate on debt: 3.81%

Interest rate	Debt amount¹	Interest rate × Debt amount
1.49%	194,800)	2,903)
7.13%	838,100)	59,715)
2.25%	997,100)	22,435)
7.25%	336,700)	24,411)
4.13%	502,900)	20,745)
2.60%	496,900)	12,919)
2.23%	397,600)	8,866)
3.30%	496,900)	16,398)
4.75%	1,241,600)	58,976)
3.90%	987,000)	38,493)
3.05%	495,200)	15,104)
3.00%	993,600)	29,808)
3.50%	989,800)	34,643)
4.50%	1,483,100)	66,740)
3.40%	1,489,800)	50,653)
6.13%	444,200)	27,207)
4.80%	1,483,600)	71,213)
2.30%	2,145,500)	49,347)
Total	16,014,400)	610,574)
3.81%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 610,574 ÷ 16,014,400 = 3.81%

Express Scripts Holding Co. (NASDAQ:ESRX)